Leading Solana swap and AMM platform Raydium lists a Solana meme coin called ‘CTO’ on MakeNow.Meme leading to lots of community drama!
As we woke up this morning, we could read on X that Raydium had launched a token called CTO. As we described in our article about MakeNowMeme yesterday, it works by tweeting out the ticker. The platform then picks up your launch and creates a token.
The issue with MakeNow.Meme: Raydium Doubles-Down on Stupidity with CTO
In a huge endorsement, the hugely popular Solana AMM Raydium announced the launch of their own MakeNow.Meme token, in an effort to highlight the emerging new platform.
Meme launches at your fingertips, directly from X👌
Test👇$CTO wen? @makenowmeme https://t.co/pLH4YcyfPx
— Raydium (@RaydiumProtocol) August 1, 2024
Yet, things didn’t go exactly as planned – after the announcement, the tweet failed to direct readers to the correct contract address.
Chaos ensued.
The issue lies in Degens, who, chasing quick gains, tried to find it quicker than it was actually made, pushing a random token of the same name to well above the $10 million market cap. As they realized their mistake they then dumped this unexpecting project.
And after finding the real CTO, it then pumped to a similar market cap of $11 million.
I swear on god.
This has to be one of the most retarded tweets I've ever seen. https://t.co/10i63ec6lJ
— VikingXBT (@VikingXBT) August 1, 2024
In a follow-up post to their original post announcing CTO, Raydium says, “Oops, that didn’t go as expected” and ends with “undo test.” Well, I’m sorry to the people who lost thousands of dollars for you to test a platform and possibly pocket over a million for yourself.
It’s safe to say that while MakeNowMeme is a good addition to the meme universe on Solana, they need to work on making it more secure for degens to enter tokens launching on their platform.
To start, they could work on a feature where the contract address is added to the initial tweet or a quicker follow-up tweet. This would eliminate or lessen the chance of someone ending up getting rugged in the wrong token, like on CTO.
Crypto Gets Its Own Olympics With The Meme Games (Best Play of August?)
The Olympics are one of the most followed events in the world – the thrill of watching athletes compete at such a high level in the name of their country excites all of us a little.
The Memes Games was born to bring this emotion and excitement to crypto. The most famous meme coins represent five countries: Doge for the USA, Turbo for Italy, Pepe for France, Brett for Germany, and WIF for Great Britain.
https://twitter.com/MemeGames2024/status/1817964078549409795
The Meme Games presale has raised more than $300k so far and the price per token is $0.0091 until the next increase.
Every time you buy $MGMES tokens, you get a chance to participate in the games. If the meme you selected wins its Meme Games event, you’ll earn a 25% bonus on your token purchase.
Another way to earn is the staking option available on Ethereum for you $MGMES tokens with a current APY of 737%.
DISCOVER: The 10 Best Solana Meme Coin HODLs in 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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